Bitfarm, a Canadian company, plans to open another mining farm with reduced electricity consumption in the country. This farm is set to be completed by the second quarter of 2023.
Bitfarm, a Mining Organization
Bitfarm, a BTC mining farm, started operations in Argentina joining the team of Bitcoin miners. This farm works using the Proof of Work consensus mechanisms and a hashrate of 4.1 exahash/second.
The mining farm added 10 megawatts to its already existing megawatt power recently. This addition aims to aggregate 50 megawatts by continuously adding 10 megawatts till the end of the year. This total power of 50 megawatts is to be used in a warehouse in Argentina for mining purposes.
Bitfarm is currently working on a 50-megawatt plant targeted to be completed by 2023. Once completed, this farm would take off with reduced energy and electricity consumption to mine Bitcoins.
The Chief Operating Officer in Bitfarm disclosed information to the public regarding the construction. He stated that measures are in place to develop a mining farm that uses reduced megawatts to mine Bitcoins.
Bitfarm released an eight-year private party contract last year regarding mining activities. The contract addressed electricity use and cost and lowered the total energy used by Bitfarm.
A New Mining Site
The bitcoin farm at Rio Cuarto using a 50-megawatt power would be the least across all sites. This means other mining sites would use mining power less than 50 megawatts.
The location of this new mining farm construction is said to be the fourth country Bitfarm dominates. Bitfarm has mining locations in the United States, Canada, and Paraguay.
The spatial local, and geographical location would reduce the concentration of mining by-products. Some hazardous accidents and risks may occur if they are situated around each other.
From records, miners who maintained the same geographical area faced a lot of hazards and risks. Some had low production due to the concentration of many farms in the same place. Some farms were shut down due to political campaigns or agendas against mining activities.
At the same time, some were affected by bad weather conditions. Mara, a mining farm, saw a disruption in its activities when its mining farm was affected by a weather storm. This storm caused over 70% of its hashrate to go offline.
Concerning this development, the bear market and trend of bitcoin have also affected the Bitfarm factory. They have recently been implementing strategies to reduce liquidity to its barest minimum.